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Courtroom drama MIA: ProPublica cuts deeply to the bone when evaluating the SEC's apparent...

Courtroom drama MIA: ProPublica cuts deeply to the bone when evaluating the SEC's apparent unwillingness to go to trial with big cases against financial firms and execs ever since its high-stakes loss in a Bear Stearns case. "The S.E.C. is not getting big enough settlements out of the largest banks. It's not bringing enough financial cases. It isn't going after the big banks' top executives. It's being way too cautious in its interpretation of its role as defender of the fairness and sanctity of the markets."
Comments (4)
  • 7footMoose
    , contributor
    Comments (2266) | Send Message
     
    And, the SEC lacks the kind of legal proof necessary to convince a Judge that there has actually been financial fraud and not simply colossal stupidity and greed which are not crimes in the legal sense.
    19 Dec 2011, 01:37 PM Reply Like
  • ebworthen
    , contributor
    Comments (2811) | Send Message
     
    "Settlements" are simply ex-post-facto bribes condoning the theft.

     

    Jail time is what is necessary and required.
    19 Dec 2011, 01:41 PM Reply Like
  • Jackson999
    , contributor
    Comments (468) | Send Message
     
    This is because they get the same pay whether they prosecute anyone or not.

     

    And the politicians/Congress are also happier when their big campaign donors don't wind up on trial or in jail.
    19 Dec 2011, 01:49 PM Reply Like
  • cesar13080
    , contributor
    Comment (1) | Send Message
     
    I like the idea that Pro Publica is fighting for the case against financial firm execs. Herbert Sandler is the founder and major donor of Pro Publica and a founder of Golden West Financial Corp . Golden West, which was full of substandard mortgage loans was sold in 2006 for $24 billion to Wachovia Bank. The Sandlers owned about 10% of the company at the time of the sale, making their share of the sale price worth about $2.4 billion. Of this the Sandlers gave $1.3 billion to the Sandler Foundation, which is used to fund "progressive" organizations such as Pro Publica.
    19 Dec 2011, 03:18 PM Reply Like
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